Bitso Partners With Coincover For Digital Asset Security In Latin America

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Hongji Feng

Author

Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

August 15, 2024 01:55 EDT

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Crypto exchange Bitso has partnered with Coincover to enhance the security of its digital assets in Latin America.

According to a Thursday press release published by Coincover, this collaboration will integrate disaster recovery and risk management solutions into Bitso’s infrastructure, focusing on preventing access loss and mitigating security threats in real-time.

New Partnership for Security in Latin America

Through the partnership, Coincover’s non-custodial disaster recovery solution will integrate with Bitso’s multi-party computation (MPC) infrastructure, allowing Bitso to quickly restore access in case of operational or technological issues.

“As we continue to grow and expand our services, ensuring the safety and security of our customers’ digital assets remains our top priority,” said Bitso Head of Strategic Alliances Nano Rodriguez.

The collaboration will also allow real-time monitoring of outgoing transactions to detect and address security risks, working alongside Bitso’s current fraud prevention systems. This additional layer of security aims to improve the overall safety of digital assets on the platform.

“By partnering with Coincover, we are reinforcing our commitment to providing a secure and trusted platform for our users,” stated Rodriguez.

Digby Try, Senior Vice President at Coincover, said that users in Latin America have the highest preference for centralized exchanges in the world. Therefore, the exchanges should increasingly concentrate on security.

“While this is a sign of the industry’s growth in the region, it means these exchanges are increasingly becoming the targets for hacks and scams,” said Try.

“It is essential that crypto exchanges can give their customers complete reassurance that their funds are safe from these threats, or they risk giving competitors an edge,” added Try.

FBI Warns Against Crypto Exchange Scammers

The Federal Bureau of Investigation (FBI) recently issued an alert warning of crypto scammers impersonating exchange employees to steal funds.

The scam typically begins with an unsolicited call or message where the fraudster claims that the victim’s account is compromised and requests log-in credentials or other personal information.

The FBI advises potential targets to avoid clicking on links or responding to suspicious communications and to verify any account issues directly with the crypto exchange using official contact information.